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02-01-2006
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02-01-2006
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8/30/2018 10:15:11 AM
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MV City Council
City Council Document Type
City Council Packets
Date
2/1/2006
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Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 5 2-7 <br />you-go note) and possibly a portion through interfund loans. Additional indebtedness may be required to <br />finance other authorized activities. The total principal amount of bonded indebtedness, including a general <br />obligation (GO) TIF bond, or other indebtedness related to the use of tax increment financing will not exceed <br />$22,900,000 without a modification to the TIF Plan pursuant to applicable statutory requirements. It is <br />estimated that up to $5,000,000 in interfund loans may be financed with tax increment revenues. It is <br />estimated that up to $5,000,000 in transfers may be financed with tax increment revenues. It is estimated that <br />up to $22,900,000 in Limited Tax Increment Revenue Note proceeds may be financed with tax increment <br />revenues. <br />This provision does not obligate the EDA or City to incur debt. The EDA or City will issue bonds or incur <br />other debt only upon the determination that such action is in the best interest of the City. The EDA or City <br />may also finance the activities to be undertaken pursuant to the TIF Plan through loans from funds of the <br />EDA or City or to reimburse the developer on a "pay-as-you-go" basis for eligible costs paid for by a <br />developer. <br />The estimated sources of funds for the District are contained in the table below. <br />SOURCES OF FUNDS TOTAL <br />Tax Increment $46,600,000 <br />Interest Revenue $100,000 <br />PROJECT REVENUES $46,700,000 <br />Interfund Loans $5,000,000 <br />Transfers $5,000,000 <br />TIF Note $22,900,000 <br />Subsection 2-10. Uses of Funds <br />Currently under consideration for the District is a proposal to facilitate development of an approximate <br />820,000 sq. ft. business campus for Medtronic, Inc. The EDA and City have determined that it will be <br />necessary to provide assistance to the project for certain costs. The EDA has studied the feasibility of the <br />development or redevelopment of property in and around the District. To facilitate the establishment and <br />development or redevelopment of the District, this TIF Plan authorizes the use of tax increment financing to <br />pay for the cost of certain eligible expenses. The estimate of public costs and uses of funds associated with <br />the District is outlined in the following table.
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